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1,037 companies have severed ties with Russia since Ukraine invasion, shows data

As many as 1,037 companies have left Russia and 438 others have reduced their operations in the country, since it began its military offensive in Ukraine, as per a data by the Kyiv School of Economics.

The Kyiv School of Economics has noted that 590 companies continue to operate in Russia. 

The Kyiv School of Economics said that more than half of companies (50.2%) have already announced their withdrawal from the Russian market.
The Kyiv School of Economics said that more than half of companies (50.2%) have already announced their withdrawal from the Russian market. Photo courtesy: Twitter/@AfricaUnitNow

The companies have announced exit, suspension and scaling down of operations after Russia launched a military offensive in Ukraine on February 24. 

As of May 29, companies that declared a complete withdrawal from Russia had USD 32.5 billion (INR 2.524 trillion) in revenues and USD 19.9 billion (INR 1.545 trillion) in the capital, according to the statistics given by Kyiv School of Economics in the report. Companies that have suspended their operations in the Russian market had yearly revenue of USD 58.7 billion and USD 32.7 billion in the capital.

The Kyiv School of Economics said that more than half of companies (50.2%) have already announced their withdrawal from the Russian market. Furthermore, 28.6% of companies continue to operate in Russia. The Kyiv School of Economics identified about 2,065 companies and organizations from 70 countries as well as 55 industries and analysed their operation in the Russian market. The Kyiv School of Economics in the report said that the agricultural companies hold back in Russia. However, they have announced scaling down their operations in the country. These agricultural companies include Archer Daniels Midland (ADM), Bunge, Cargill and Louis Dreyfus.

Latest Update on Russia Ukraine War

According to Yale School of Economics, the companies that have suspended nearly all operations or temporarily curtailing most include Adidas, Air France, Marks & Spencer, McCain Foods, Air Astana, Alphabet, Amazon, Amway, Audi, Burger King, Canon, Chanel, Disney, Mango, Electrolux, Ford, H&M and IBM and others. The companies who have scaled down their business operations include Adobe, Bosch, Carrier, JPMorgan, Maruti Suzuki, Pepsi and Whirlpool and others. Companies that continue to function as usual in Russia include Haier, Acerinox, Air China, Antal, Benetton, Diesel, Oppo, Emirates Airlines and Giorgio Armani and others.

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CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indians Diaspora across Singapore, US, UK, India and UAE. Connected to India covers developments around NRIs. Cover arts, political, sports, finance, entrepreneurship, business, movies, dramas, entertainment and other news for Indians living worldwide.

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